State launches federal savings program for those with disabilities

Individuals with disabilities will soon be able to save for qualified expenses without jeopardizing their access to state and federal benefits.

Michigan Lt. Gov. Brian Calley signed legislation in October 2015 creating the MI-ABLE (Michigan Achieving a Better Life Experience) program, based on the federal ABLE Act which will assist individuals and families in saving funds to maintain health, independence and quality of life.

MiABLE is a 529 (A) savings account, offering investment and tax incentives for families and others who wish to save for individuals with disabilities.

"ABLE Accounts will provide Michiganders with disabilities and their families more opportunities to save money and work to build self-determined independent lives," Calley said. "I'm excited that we're among the first states to make this great program a reality and encourage families to visit the website to learn more about it and sign up for updates."

The Michigan Department of Treasury's Student Financial Services Bureau will administer the program and has finalized a contract for the management, administration and investment services for the program with TSA Consulting Group.

"We are excited to be working with the State of Michigan to offer this innovative program and are looking forward to enrolling our first customers in November of this year," said Steve Banks, executive vice president of TSA Consulting Group.

Funds deposited into MiABLE accounts may be used for expenses related to the individual's disability including education, housing, transportation, employment training and support, assistive technology and personal support services, legal fees expenses for oversight and monitoring and funeral and burial expenses. Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or State benefits such as Social Security Disability Income (SSDI), Medicaid, or Supplemental Nutritional Assistance Program (SNAP).

Program details can be found at www.michigan.gov/MiABLE. To be notified when enrollment is open, and for when and where to call for assistance, click on Subscribe to MiABLE updates on the website.

Published: Wed, Aug 24, 2016